Morning journal and courier., 1887-09-09
THE WHEELER SUSPENSION.

Various Concerns Go Under in Conse.
 quence of the Embarrassment-Fa
 ures East and West-The Interest In
 Banking Cjrcles-The Wire Mt1l 1n-
 ventory Proceeding = The Rolling
 Mill Start Up Again fn About Ten
 Days With Much New Machinery.
 The following press dispatches received last evening confirm the anticipations of many that the embarrassment of the E. 5. Wheeler firm of this city would, as natural sequence, have a disastrous effect elsewhere, the firms business having been on so exten- sive scale.
 JOLIET, H., Sept. 8.-The announcement was made yesterday of the failure of Kraft, company. Both concerns were operated by the same proprietors. The failure is trace able to that of Sherman 6 Marsh, who owed the firm of E. s. Wheeler & Go. and the New Haven Wire company $75,000. This was severe blow to the trade, and especially the with Kraft, Goss & Go. and the Illinois Fence company. The latter firms held considerable paper of the former when they failed, and their failure naturally drew down the Joliet concerns. Judgments for $56, ,932 in favor of Alexander Goss, the principal packer of both concerns, have been entered.
 Kraft, Goss & Co. is an established firm with paid up cash capital of $1O0, ,00O, and has always stood high in the commercial reports The Illinois Wire Fence company is younger concern and had paid up cap ital of only $10,000. MT. Kraft, the mana ger, says that the New Haven failures threw $60 900 worth of notes upon the Joliet con- panies, which, in justice to the other credit ors, they could not meet. All the members of Kraft, Goss & Go. are sound, financially, and though it will wipe out their present corporation, it is said they will resume after settlement
 BosroN, Sept. s-F. c. Davenport, dealer in metals at No. 82 North street, Boston, is embarrassed by dealings with the firm of E. s. Wheeler 6 Co. ot New Haven, and for the protection of all creditors has made voluntary assignment to E. A. Dennison of Boston. It is thought his liabilities will amount to $100,000.
 AKRON, O., Sept. S.-The Glen wire man. ufacturing company, of Cuyahoga Falls, near this city, assigned to-day. Liabilities, $5O, 900; assets, $50, 900. Members of the com pany had gone on the paper of E. s. Wheeler X O., of New Haven, Conn.,, and the latters failure precipitated the crash.
 BALTIMORE, Md, Sept.9.-Wicks & Smith have assigned. Four hundred women and eighty men are out of employment. The firm made tin cans and have been seventeen years in business. The suspension of James L. Wicks, also a can maker. throws 100 hands out of work. The failures are ascribed to the Os
 As heretofore stated, the exact financial sit uation of the New Haven concern cannot be ascertained until the official statement is made next Tuesday. Mir. Wheeler being in terviewed, last evening, regarding the causes of the above failures, said it was correct that these firms had been having extensive busi- ness dealings with his house and that their failure and embarrassment were consequent upon his firms inability to give them further financial accommodation.
 Mr. Wheeler added that nothing further could be said at present. Mir. Galpin, secretary and receiver of the Wire Mill Co.,, said there was nothing new to be added regarding the Wire Mills business affairs except that he company's property and effects, and that di- rectly upon the completion of this task which would be in few days, work at the mill would be resumed again.
 At the banks nothing new was disclosed regarding the business paper held by them of E. s. Wheeler & Co.,, the general states ment being that there were no new develop ments as yet.
 MT. Pierce N. Welch, treasurer of the New Haven Rolling Mill company, being inquired of relative to the rolling mill concern in no wise affected by the suspension, being an independent and separate institution, said it was expected that work at the rolling mill would be resumed in about ten days. The order that much new machinery may be put in. About 100 men are employed at the mill. No event in a number of years has created more interest among New Haven banking circles than the Wheeler difficulty, and many little incidents are floating about town illustrative of the curiosity to learn where the shoe pinches most.